HP, REAL ESTATE REGULATORY AUTHORITY

Government of India has enacted the Real Estate (Regulation and Development) Act, 2016 . Under this Act, Government of Himachal Pradesh is yet to establish Real Estate Regulatory Authority (RERA) HP for regulation and promotion of real estate sector in the State of Himachal Pradesh. The State Govt. Vide Notification No. TCP-A(3)-1/2016, Dated 4^th February, 2017 has nominated the Director, Town and Country Planning as the Designated Officer as required under the Real Estate (Regulation and Development) Act, 2016.

The major objective of the Authority will be regulation and promotion of the real estate sector with the intention to bring transparency in the real estate business by insisting mandatory disclosure of project details to the property buyers. It also aims to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto. Without registering the project with the Authority, no advertisements shall be issued and no advance or deposits shall be accepted without executing agreement with buyers. Registration of all real estate agents with the Authority is mandatory under the Act.